Artsy just published two articles within 15 minutes providing different views.
I believe the latter…
Resale royalties take real money from the entire art world, including young and struggling artists, and transfer most of it to a tiny group of famous and rich super-artists—the artistic one-percenters. New data we have collected shows this clearly.
To see how, it’s necessary to distinguish between the primary market, in which artworks are first sold, and the secondary market, in which they are re-sold. Many buyers—especially wealthy people who purchase, in part, as speculative investment—will take into account the expected value of the work in the secondary market in determining what they are willing to pay in the primary market. For all of these buyers who are thinking ahead, resale royalties reduce the initial value of the work because the buyer will eventually be required, upon resale, to turn over to the artist some percentage of the resale price. As a consequence, sale prices in the primary market are likely to fall on average and over time.